We need a national disaster fund like the Terrorism Fund for all of Australia———–“Since the introduction of the Terrorism Insurance Act in 2003 everyone has been paying a levy but there have been no claims in Australia. As such the levy funds must be fairly high,” Coe says. “It would make more sense to use these funds to start a national disaster levy – which would not be event or location specific – for the benefit of the nation. The levy could be capped and applied to some commercial and personal insurance.”

“Since the introduction of the Terrorism Insurance Act in 2003 everyone has been paying a levy but there have been no claims in Australia. As such the levy funds must be fairly high,” Coe says.

“It would make more sense to use these funds to start a national disaster levy – which would not be event or location specific – for the benefit of the nation. The levy could be capped and applied to some commercial and personal insurance.”